how is it goign ladies and gents. im new here , i got one more year of college and i have a full time job. my plan is to save up 10k within the next few months and invest it. i really dont know what to do. i was thinking of buying a condo where the market is good and renting it for awhile or just flipping it. im not really sure. i need to start reading some books before summer ends…what do you all recomend i should read?
Im also a newbe working on putting my first deal together but I have looked into condos also… you have to ask yourself are condos in demand? is there a rental association or something like it that you must join? and so on…example last night I did research on condos in my area and they cost about 95k or so and rent from 79.99 a night to about 900 or more for the weekend depending on what part of the year it is here we have a lot of turrision in the summer months…also the report stated that all monies collected from all condo rentals were put into a pot and out of the pot they paid the employees maintance and the list goes on, and at the end they stated that the OWNER was responsable for the AC unit, and any insurance needed also the OWNER was responsable for furnishing the condo to mandatory stlye and a lot of other B.S. Just Food for Thought …Im on Galveston Island TX… hope I could help
thanks for your info…im probably going to look into town homes as well
Do your homework on condos. I live in one, and the condo association changes rules like you and I change our clothes. They can change rental rules and anything else they see fit, so be careful. Example, a friend of mine lives in a condo, and in their bylaws, it is stated you can only rent your condo 1 time per year…so if a tenant moved out after a month or 2, you are pretty much screwed. I’m not saying to avoid them, but do your research on them, and especially regarding the association.
Before you buy a Condo I would really look into the avarage D.O.M. (Days on market) I personally try to stay away from condos in the market that I am inm due to resell time it just is not worth it! I would also compare them to a cheaper house in another part of town! But who knows in some areas condos are hot!
the type of condos i would be intrested are on beach/vaction spots.